What is the difference between a "limited liability partnership" and a "limited partnership"?
A limited liability partnership (LLP) is a legal structure that allows for a partnership of individuals or businesses to form a business entity that has the advantages of both a partnership and a corporation. It provides the partners with limited liability protection, meaning that their personal assets are protected from the debts and liabilities of the business - Partners in an LLP are only liable for their own debts and liabilities, and not for the debts and liabilities of the other partners or the business as a whole.